Baker Hughes reports U.S. rig count down 12 to 759 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 12 from last week to 759 with oil rigs down 10 to 599, gas rigs down 2 to 158 and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is up 146 rigs from last year’s count of 613 with oil rigs up 102, gas rigs up 42 and miscellaneous up 2.
The U.S. Offshore Rig Count is down 1 to 12, down 4 year-over-year. The Canada Rig Count is up 2 from last week to 249, with oil rigs up 2 to 159, gas rigs unchanged at 90.
The Canada Rig Count is up 31 rigs from last year’s count of 218 with oil rigs up 23, gas rigs up 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is down $2.05 to $73.81 per barrel (down from a high of $123.70). Brent crude is down $2.06 to $80.19 per barre (down from a high of $127.98). Gasoline last traded at $2.349 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 3 to 768 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week to 768 with oil rigs down 2 to 610, gas rigs down 1 to 156 and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is up 224 rigs from last year’s count of 544 with oil rigs up 166, gas rigs up 56 and miscellaneous up 2.
The U.S. Offshore Rig Count is down 1 to 14, up 1 year-over-year.
The Canada Rig Count is up 2 from last week to 212, with oil rigs up 1 to 145, gas rigs up 1 to 67.
The Canada Rig Count is up 46 rigs from last year’s count of 166, with oil rigs up 47, gas rigs down 1.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is down $1.18 to $87.84 per barrel (down from a high of $123.70). Brent crude is down $1.27 to $93.77 per barre (down from a high of $127.98). Gasoline last traded at $2.564 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Denbury jumps after Bloomberg says Exxon considering takeover
Exxon Mobil (XOM) is considering a takeover of Denbury (DEN), Kiel Porter of Bloomberg reports, citing people familiar with the matter. Exxon has expressed preliminary interest in Denbury but no final decision has been made, sources told Bloomberg. In August, Bloomberg reported that Denbury is working with an adviser to explore a sale.
Denbury Inc., an independent energy company, focuses on producing oil from mature oil fields in the Gulf Coast and Rocky Mountain regions. The company holds interests in various oil and natural gas properties located in Mississippi, Texas, and Louisiana in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region. As of February 24, 2022, it had 192 million barrels of oil equivalent of estimated proved oil and natural gas reserves.
Denbury is working with investment bankers at JPMorgan on negotiations to be acquired by a strategic buyer, according to Street Insider, citing a source who reportedly added that the talks may not lead to a definitive transaction. Previously, on August 17, Bloomberg’s Kiel Porter, Gillian Tan, and Kevin Crowley reported that Denbury was exploring options, including a possible sale.
Key Bank
After Bloomberg reported that Denbury (DEN) hired bankers to explore a sale and mentioned ExxonMobil (XOM) as a potential buyer, shares are outperforming sharply today, noted KeyBanc analyst Tim Rezvan. M&A for Denbury has been an “active debate topic with clients” since his launch of coverage, when shares were in the $75-$85 per share range, and with the shares “flirting with the $100/share level today,” he believes “there is clearly M&A upside in the share price,” said Rezvan. The analyst, who noted that the company did not provide a comment when he reached out for information, has an Overweight rating on Denbury shares.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 4 to 763 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 4 from last week to 763.
U.S. Rig Count is up 251 rigs from last year’s count of 511 with oil rigs up 239, gas rigs up 58 and miscellaneous rigs up 4.
The U.S. Offshore Rig Count is unchanged at 16, up one year-over-year.
The Canada Rig Count is up 6 from last week to 211, with oil rigs up 3 to 140, gas rigs down 4 to 63.
The Canada Rig Count is up 47 rigs from last year’s count of 156, with oil rigs up 45, gas rigs up 3 and miscellaneous rigs down 1.
The International Rig Count is up 27 rigs to 860 and up 81 from last year’s count.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
West Texas Intermediate (WTI) is up 28 cents to $85.34 per barrel (down from a high of $123.70). Brent crude is up $0.72 to $91.54 per barre (down from a high of $127.98). Gasoline last traded at $2.418 per gallon (down from a high of $4.31 per gallon).
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 10 to 543 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 10 from last week to 543 with oil rigs up 12 to 445, gas rigs down 1 to 98, and miscellaneous rigs down 1 to 0.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
The U.S. Rig Count is up 261 rigs from last year’s count of 282, with oil rigs up 240 gas rigs up 24 and miscellaneous rigs down 3.
The U.S. Offshore Rig Count is up 1 to 12, down 2 year-over-year.
The international offshore rig count is up
The Canada Rig Count is up 1 from last week to 168, with oil rigs up 3 to 98, gas rigs down 2 to 70.
The Canada Rig Count is up 88 rigs from last year’s count of 80, with oil rigs up 58, gas rigs up 30.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $0.88 to $82.19 per barrel. Brent crude is up $0.75 to $84.75 per barrel. Gasoline last traded at $2.475 per gallon up 4 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Exxon Mobil announces plans to build plastic waste recycling facility
Exxon Mobil (XOM) plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas, and is expected to start operations by year-end 2022.
A smaller, temporary facility, is already operational and producing commercial volumes of certified circular polymers that will be marketed by the end of this year to meet growing demand.
The new facility follows validation of Exxon Mobil’s initial trial of its proprietary process for converting plastic waste into raw materials.
“We’ve proven our proprietary advanced recycling technology in Baytown, and we’re scaling up operations to supply certified circular polymers by year-end,” said Karen McKee, president of ExxonMobil Chemical Company. “Availability of reliable advanced recycling capacity will play an important role in helping address plastic waste in the environment, and we are evaluating wide-scale deployment in other locations around the world.”
To date, the trial has successfully recycled more than 1,000 metric tons of plastic waste, the equivalent of 200M grocery bags, and has demonstrated the capability of processing 50 metric tons per day.
Upon completion of the large-scale facility, the operation in Baytown will be among North America’s largest plastic waste recycling facilities and will have an initial planned capacity to recycle 30,000 metric tons of plastic waste per year.
Operational capacity could be expanded quickly if effective policy and regulations that recognize the lifecycle benefits of advanced recycling are implemented for residential and industrial plastic waste collection and sorting systems.
ExxonMobil is developing plans to build approximately 500,000 metric tons of advanced recycling capacity globally over the next five years.
In Europe, the company is collaborating with Plastic Energy on an advanced recycling plant in Notre Dame de Gravenchon, France, which is expected to process 25,000 metric tons of plastic waste per year when it starts up in 2023, with the potential for further expansion to 33,000 metric tons of annual capacity.
The company is also assessing sites in the Netherlands, the U.S. Gulf Coast, Canada, and Singapore.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
